Author(s): Abderazak BAKHOUCHE | Ludovic P.J. THEBAULT
Journal: Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series
ISSN 0379-7864
Volume: 2011;
Issue: LVIII;
Start page: 515;
Date: 2011;
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Keywords: cézanne | hedonic regression method | CAPM
ABSTRACT
The contribution of this paper is empirical. We employed the hedonic regression method to compile a price index for Cézanne’s artworks and examine their financial properties. This paper reported the following findings: i) oil prints were more expensive than prints on paper, ii) there was a statistically significant evidence in favour of the presence of the Law of One Price for Cézanne’s artworks, iii) the dimensions of the sample’s prints were found to influence hammer prices, iv) paintings made during the artist’s later career were traded at higher premiums than prints made in the early stages of his career, and finally v) it is inconclusive whether Cézanne’s prints could provide strong benefits to a diversified portfolio.
Journal: Scientific Annals of the Alexandru Ioan Cuza University of Iasi : Economic Sciences Series
ISSN 0379-7864
Volume: 2011;
Issue: LVIII;
Start page: 515;
Date: 2011;
VIEW PDF
DOWNLOAD PDF Original pageKeywords: cézanne | hedonic regression method | CAPM
ABSTRACT
The contribution of this paper is empirical. We employed the hedonic regression method to compile a price index for Cézanne’s artworks and examine their financial properties. This paper reported the following findings: i) oil prints were more expensive than prints on paper, ii) there was a statistically significant evidence in favour of the presence of the Law of One Price for Cézanne’s artworks, iii) the dimensions of the sample’s prints were found to influence hammer prices, iv) paintings made during the artist’s later career were traded at higher premiums than prints made in the early stages of his career, and finally v) it is inconclusive whether Cézanne’s prints could provide strong benefits to a diversified portfolio.